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is gift from father in law exempted ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2011 hello all,

My father wants to gift monetary gift to my wife, is this kind of gift exempted from income tax & under which section ?

thanks
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 January 2011 yes is would be not be taxable u/s 56(2) but the income would be subject to clubbing in the hands of the father u/s 64.

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